Company Reports

CMP : 275Target Price : 240

Indoco Remedies posted lower than expected numbers for 3QFY2017. In sales,
the company posted revenues of Rs272cr (Rs276cr expected) v/s Rs256cr in
3QFY2016, growth of 6.2% yoy. The lower growth was on the back of the
formulation business at Rs252.2cr, up 4.5% yoy, API at Rs18.2cr up 32.8% yoy. The
domestic formulation at Rs144.2cr record..

CMP : 575Target Price :

Alembic Pharma posted lower than expected numbers for 3QFY2017. In sales,
the company posted revenues of Rs770cr (Rs872cr expected) v/s Rs921cr in
3QFY2016, dip of 16.4% yoy. The dip in sales was mainly on the back of the
International sales, which came in at Rs303cr v/s Rs521cr in 3QFY2016, a dip of
41.8%. The Indian branded sales came i..

CMP : 1,285 Target Price : 1,375

HDFC Banks’ results for the quarter were broadly in line with expectations.
While PAT growth of 15% YoY looks lower when compared to the historical
trend of HDFC Bank, given the slow down due to demonetisation the results
by HDFC can be considered decent enough. While HDFC Bank’s growth has moderated from its
historical levels, it still r..

CMP : 1,438 Target Price : 1,605

Siyaram Silk Mills (SSML)’ results for 3QFY2017 have come in below our
estimates, both on top-line and bottom-line front, on back of lower volume
growth due to weak consumer buying sentiments. Going forward, we expect SSML to report net sales CAGR
of ~7% to ~Rs1,857cr and adj. net profit CAGR of ~9% to Rs103cr over
FY2016-18E. The same wo..

CMP : 257 Target Price : 284

For 3QFY2017, ITC has reported below estimates numbers, both on the top-line
and bottom-line fronts, on the back of lower Cigarettes volume growth due to
demonetization of Indian currency. However, healthy growth was witnessed in
other businesses like Hotels, Agri Business, etc. We expect ITC to report top-line and bottom-line CAGR
of 9% ..

CMP : 5,797 Target Price : 6,560

MSIL has continued to report double digit numbers due to the strong performance of its utility vehicles. Company expects to launch one model each year, which is likely to sustain its growth momentum in the near term. MSIL has indicated that showroom footfalls have come back to normalcy, which were impacted immediately after the demonetisa..

CMP : 1,728 Target Price : 2,128

Can Fin Homes Ltd (Can Fin) is a south based (74% of business) housing finance
company with 43.53% shareholdings owned by Canara Bank. Can Fin has maintained
a low-risk profile loan book, predominantly focused on salaried class. We expect Can Fin to deliver RoE of more than 20% on a
sustained basis from FY2017 onwards (FY2017-23.6%, FY201..

CMP : 740 Target Price :

UPL posted robust numbers for 3QFY2017. In sales, the company posted gross
revenues of Rs3,987cr v/s Rs3,377cr in 3QFY2016, growth of 18% yoy. The growth
was driven by volume (18% yoy), while price dip was around 3% and exchange
gains added 3% to the top-line rise. On EBITDA front, the company posted an
EBITDA of 17.8% v/s 14.7% in 3QFY20..

CMP : 270 Target Price : 351

Asian Granito’s 3QFY2017 results have come in line with our estimates on the
bottom-line front, while the top-line front disappointed. Revenue grew by ~4% yoy,
which is lower than our estimate. On the operating front, the company reported
margin improvement, primarily on account of lower raw material cost. Further, on the
bottom-line fron..

CMP : 849 Target Price : 1,000

For 3QFY2017, HCL Tech posted numbers almost in-line with expectations. On
the revenue front, the company posted a 1.3% sequential growth in USD revenues
to US$1,745mn (US$1,749mn expected) v/s US$1,722mn in 2QFY2017.
Revenue in Constant Currency (CC) was up 3.0% qoq. On EBIT front, the
company posted an EBIT of 20.4% (20.0% expected) v/s..

CMP : 861 Target Price : 1,009

The 9.6% growth in ARBL’s Q3FY17 revenue indicates
that note ban has not severely impacted its revenues. The sharp rise in the lead
prices (25% yoy in Q3FY17 and 28% yoy in January-2017) however concerns us
in the near term and we expect company to pass these prices to its customers. In
view of near tern slower growth due to demonetisatio..

CMP : 215 Target Price :

For 3QFY2017, Rallis India (Rallis) reported a yoy growth of 6.5% in sales to₹326cr (v/s ₹306cr in 3QFY2016). On the operating front, the OPM came in at
11.4% (v/s 11.0% in 3QFY2016). Aided by sales growth, a good operating
performance and surge in other income (₹8cr v/s ₹3cr in 3QFY2016), the
Adjusted Net profit grew by 30.2% yoy to ₹25c..

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